Fiscal Note
No significant fiscal impact is anticipated.
Title
Amending Sections 9.24(3) and 9.24(7)(c)1. of the Madison General Ordinances to relating to an exemption from licensing of secondhand dealers for a coin show held by a bona fide nonprofit coin club and clarifying photograph requirements for secondhand dealers.
Body
DRAFTER'S ANALYSIS: This proposal amends the Secondhand Goods ordinance to create an exemption from the precious metals license requirements for a coin show sponsored by a bona fide nonprofit club that has been in existence at least 5 years. The show must have been held in Madison on at least an annual basis for at least 5 years prior to January 1, 2012, the show must consist of at least 15 exhibitors, exhibitors must purchase exhibit space or an entrance fee must be charged and no jewelry may be purchased from members of the public. This language has been requested on behalf of the Madison Coin Club. The proposal also clarifies photograph requirements for secondhand dealers.
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The Common Council of the City of Madison do hereby ordain as follows:
1. Subsection (3) entitled “Definitions” of Section 9.24 entitled “Licensing of Secondhand Dealers” of the Madison General Ordinances is amended by amending or adding therein the following:
“Precious metal dealer means any person who engages in any transaction of purchasing, selling, receiving or exchanging secondhand jewelry or precious metal. A holder of a precious metal dealer license issued by the City of Madison does not need to obtain a separate secondhand jewelry license in order to purchase, sell receive or exchange secondhand jewelry. A precious metal dealer license is not required for a transaction involving the buying or selling of collectible coins and collectible bullion at a bona fide coin show that meets all of the following criteria:
1. The coin show is held by a bona fide nonprofit club ...
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